The numbers: A shortage of properties for sale and high mortgage rates have stalled contract signings on U.S. homes in April.
Sales remain unchanged from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).
The number didn’t meet Wall Street economists’ forecast, as they had expected pending home sales to rise 0.8% in April.
BY Courtenay Brown, AXIOS
Federal Reserve governor Michelle Bowman on Tuesday said the U.S. banking system remained on solid footing in the first public speech from a policymaker after the high-profile failures of Silicon Valley Bank and Signature Bank.
Why it matters: Bowman made short remarks acknowledging the fallout from those bank closures, which forced the Fed and other regulators to step in with emergency measures, during a speech that focused on innovation in the banking system.
What they're saying: "The U.S. banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system," Bowman said, adding that the Fed "continues to carefully monitor developments in financial markets and across the financial system."
Overall Foreclosure Activity Down 3 Percent from January 2023; While Foreclosure Completions Increase 45 Percent Last Year
IRVINE, Calif. — March 8, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its February 2023 U.S. Foreclosure Market Report, which shows there were a total of 30,528 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 3 percent from a month ago and up 18 percent from a year ago.
The U.S. Department of Housing & Urban Development (HUD), through the Federal Housing Administration (FHA), has announced a 30-basis-point reduction to the annual mortgage insurance premiums (annual MIP) charged to homebuyers who obtain an FHA-insured mortgage.
The MIP will be reduced from 0.85% to 0.55% for most homebuyers seeking an FHA-insured mortgage, which could mean an estimated savings of $678 million for American families in aggregate by the end of 2023 alone. The reduction will benefit an estimated 850,000 borrowers over the coming year, saving these families an average of $800 annually.
It's a pace roughly what Texas, Florida built recently
digs into trends that may indicate economic and/or housing market troubles ahead.
Buzz: State regulators say California’s housing needs have doubled and ordered 2.5 million more residences to be built by 2030 — a pace that’s roughly what Texas and Florida built combined in the last six years.
California’s housing production has long lagged behind demand.
This chronic shortage has only gotten worse — and more pervasive — in recent years.
While the nation as a whole fell short 1.65 million housing units in 2012, that number has more than doubled to 3.79 million units in 2019. As of 2019, California is 980,000 housing units short of meeting its residents’ housing needs, according to a recent report by Up for Growth.
Despite a vacancy rate that ticked-up in the fourth quarter of 2022 to 3.5%, a new report from Northmarq indicates the multifamily market in San Diego finished the year solidly, posting a 1.8% rise in rents to $2,327 per month in Q4. The research also shows that on a year-over-year basis, San Diego asking rents jumped 8% from 2021.
LANCASTER — Limited inventory is hitting the residential and commercial real estate markets, while the changing economic landscape is having a greater impact on the residential market, forecasters said during Friday’s Antelope Valley Economic Development & Growth Enterprise (AV EDGE) 2023 Spring Business Summit.